CoinShares strengthens its global reach by completing acquisition of Valkyrie ETF Business - Seite 2

Jean-Marie Mognetti, CEO of CoinShares, commented on the acquisition: “10 years ago, CoinShares started offering digital asset exposure to European investors through regulated products with a steadfast commitment to innovation and being first to market.

The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the U.S. This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top line contributor from day one. More importantly, it broadens our product offerings, strengthens our innovation capacity, and increases by a factor of 15 our total addressable market.

The U.S. represents a critical market for any asset manager and with a dedicated platform as well as the right product-market fit, CoinShares is poised to deliver significant value to its stakeholders.

We welcome our Valkyrie colleagues to the CoinShares team and are looking forward to their contribution to our journey."

Frank Spiteri, CoinShares' Head of Asset Management, remarked: "As Europe's leading investment company specialising in digital assets, CoinShares has consistently demonstrated trust and reliability with its crypto products and services since 2014. Our expertise is unparalleled in the crypto space, allowing us to serve not just as leaders but also as educators for our clients. We are committed to guiding them through this dynamic journey, which is supported by our seasoned research team and innovative solutions. Our promise is to be a trusted partner in navigating the complexities of digital assets."

Following the completion of the acquisition, CoinShares has initiated the process of seamlessly blending Valkyrie into its portfolio of brands, with both teams working together to ensure a smooth transition and the continued excellence of product offerings. Central to this integration is the strategic decision to rebrand Valkyrie under the CoinShares umbrella. This initiative, which is expected to be finalised by the summer, aims to unify the product lineup across the entire CoinShares ecosystem, thereby reinforcing brand consistency and amplifying brand awareness in the U.S.

Technical note:
On 12th March 2024 CoinShares and Valkyrie Investments Inc. signed and closed the definitive agreements completing CoinShares acquisition of Valkyrie Funds LLC, the U.S. digital asset manager's investment advisory business specialising in actively managed cryptocurrency exchange-traded funds. The final purchase price, which is settled at the end of a three-year earnout period, depends on the financial results of the acquired business. The definitive agreements contain customary vendor and purchaser representations.